It is very difficult for a business to secure business financing as a sole proprietor. An accountant can be helpful by explaining the tax implications of various business structures to clients so they can make an informed choice. Once those steps are accomplished, and the business is ready to seek financing, the real fun begins. Getting financing often means gathering and submitting paperwork, including copies of tax returns, as well as pro forma projections. Some lenders will want to know how the business owner plans to use the funds secured. Some may want to link to the borrowers bank account to evaluate cash flow, while others may want to link to the business owners QuickBooks account (which must be up to date). Some lenders will consider the businesses debt service coverage ratio the ratio of cash available for debt servicing to interest, principal and lease payments and most will want accurate sales figures.
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